Meeting on Thursday 23 October for a European Council, the Heads of State or Government of the countries of the European Union will devote their dinner to the macroeconomic situation and the international role of the euro, on the occasion of a Euro Summit in an open configuration in which the President of the ECB, Christine Lagarde, and the President of the Eurogroup, Paschal Donohoe, will take part.
Among the topics discussed will be the digital euro project being piloted by the ECB. In his letter to European leaders, Mr Donohoe stresses the urgency of making progress on this project to strengthen the international role of the euro and European sovereignty in terms of payment infrastructures, at a time when the United States is actively promoting ‘stablecoins’ backed by the dollar (see EUROPE 13733/18).
With regard to the slow integration of capital markets in the EU, “the time has come to act decisively”, according to the President of the Eurogroup. The European Commission is expected to make specific proposals on European financial supervision in December (see EUROPE 13728/18).
See Mr Donohoe’s letter: https://aeur.eu/f/j17
The Euro Summit dinner will also be an opportunity to “take stock of the situation regarding growth, inflation and the pressures that the euro area is facing, whether these be US trade pressures or the competitive pressures coming from China”, said a source at the French presidency (Élysée).
According to this source, the French President, Emmanuel Macron, could also discuss how the ECB, “over and above its price stability mission, can contribute to growth” in a context marked by “systemic clashes” between economic powers.
Mrs Lagarde may well remind the EU27 of the importance of setting up a macro-financial loan to Ukraine (‘Reparation Loan’) that respects international law - no confiscation of Russian public assets - and preserves financial stability.
In early 2026, Bulgaria will become the twenty-first country to join the euro area (see EUROPE 13653/1). (Original version in French by Mathieu Bion)